The Greens have raised concerns about a return to the days of dodgy Managed Investment Schemes in agribusiness.

The collapse of such schemes, run by companies like Great Southern, Timbercorp, Wilmott and Rewards, cost billions of investors' and taxpayers' dollars.

The Future of Financial Advice Act (FOFA), which requires advisors to disclose commissions for selling investments, was introduced by Labor last year, but the Coalition plans to repeal it to reduce red tape.

Greens Senator Whish-Wilson asked in Question time why the government would remove protection for consumers.

"The structure of MIS forestry has been described as encouraging a type of Ponsi scheme, where this year's fees are being used to pay last year's expenses.

"How will the Government ensure that the repeal of the FOFA legislation doesn't revive the Liberal National Parties' systemic failed model of Managed Investment Schemes in this country and especially Tasmania's forestry and agricultural sectors?"

While not specifically addressing agricultural schemes, Finance Minister Mathias Cormann replied that the Future of Financial Advice Act would not have stopped any collapses like Storm Financial.

"The most stringent regulation is not going to eliminate criminal or fraudulent behaviour across Australia.

"If you're going to regulate for a perfect world, like, no one is going to do anything."

Senator Whish-Wilson then pressed the Finance Minister about reforming MIS in the tax review.

"The National Farmers Federation has stated the current MIS structures do not promote sound investment decisions in rural and regional areas and as such have created a distortion of land values and or commodity markets.

"In light of this, will you reconsider the tax engineering and dodgy industry development plans that underlie these schemes by beginning with a full review of MIS and the regulations surrounding it, in the promised taxation white paper?"

Senator Cormann said the Greens needed to put their concerns in a submission to the taxation review.